Pinnacle Acquires Two Colocation Facilities

CarrierHotels News Staff

August 2, 2000 -- Pinnacle Holdings Inc. today announced the acquisition of two existing colocation facilities in Missouri for $56 million.
The company also said it had entered into 59 separate agreements to acquire 869 wireless communication sites across the United States - 448 towers and 419 rooftops - for a purchase price of $98 million.
All of the transactions are expected to close by March 31, 2001.
"Over the past six months, we have studied the colocation business carefully," said Robert J. Wolsey, Chief Executive Officer of Pinnacle. "We believe that this is a business opportunity characterized by significant revenue and cash flow growth.
"The demand for colocation space in the U.S. is growing rapidly as a direct result of the growth in the data transmission market," Wolsey added. "Growth in rental streams from this business are driven not only from expansion in telecommunications and data companies, but also from Internet based business activities. In many aspects, this business is very similar to the tower business we know so well - that is why we are attacking these opportunities."
Pinnacle is a leading provider of communications site rental space in the United States. To date, the Company has completed over 450 acquisitions and upon completion of all pending acquisitions will own or manage in excess of 5,000 sites. Pinnacle is headquartered in Sarasota, Florida.